Corporate News 29-Feb-20
Reliance Industries acquires 37.7% stake in Alok Industries
Reliance Industries (RIL) announced that in accordance with the approved resolution plan, Alok Industries (ALOK) has allotted 83,33,33,333 equity shares of Re 1 each for a total consideration of Rs 250 crore to the company. Pursuant to this acquisition, RIL will hold 37.7% equity share capital of ALOK. ALOK has also allotted 250,00,00,000- 9% Optionally Convertible Preference Shares (OCPS) of Re. 1 each for cash at par, for a total consideration of Rs 250 crore to RIL.
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